It has been the best investment in history! It has out performed the entire stock market lol...let that sink in. It was $400 in recent memory and is now trading at over 60k and you have doubts? The trick here is accumulating at the dips and waiting for launch. I am going to LOAD UP (no stops) with BTCC.B if BTC drops to 50k or less. https://ca.investing.com/news/stock...ized-return-fidelity-study-shows-93CH-3165129
Of course I have doubts. That was then, A missed oportunity for sure, one of many. What is it about past performance that the disclaimers all say?? I'll take what the market gives me but I'll control my risk. It'll be interesting to see when you get in. Did I miss your entry into BITI?
I'm long biti and BTCC.B. Once I'm long I stay long until the next launch. I just figured I'd get some biti make some money if it drops another leg... The thing with getting biti is say you bought at bitcoins low when when it was $40 good luck getting out even. How are they adjusting for this? Because if Btc goes to 250,000 what's biti going to be worth like negative $200 bucks??
An interesting strategy. Do you have an equal position in each. What if it doesn't?When do you bail on BITI or are you going to average down? BITI didn't start to trade until June 2022, near the end of the last crypto winter. That is the beauty of using an ETF to play the short side, your loss is limited. Once the price gets low enough they do a reverse split.Unlike shorting the BTC, with an ETF you can't lose more than your initial investment.
You need margin to short. Once your account goes below this level, they will close you out. Also, except for futures I think, there is a cost to carry a short, so that makes it even worse. Sure, holding BITI doesn't incur fees, but I'm sure this is already worked into the price. (ie. Bitcoin goes up 10%, but BITI actually drops 11% or whatever in order to compensate for the extra fees of shorting.)
Wxy, why do you keep sharing these secrets...? EW will stop working once everyone realises that everything else is wrong. Please, stop sharing deep finance secrets!
I would just bail on biti or close for a loss. It's just a little kicker not equal size. If you bought Biti when Bitcoin was 16k @$40, you would need Bitcoin to drop to 16k again to break even. Not likely going to happen. Even if you bought now @$8, eventually every biti position will be worthless. I'm treating my biti position like a long put. ..just without the fees and expiration. Or I could sell puts of course as another way to accumulate.
True of all TA, which is why I believe that the market is determined. Also, I only trade EW during particular phases, other than that I can use chart patterns, markov method, fibonaccis, cyphers etc. The main point is I trade cycles not S&R levels.
A 7 swing correction is very common, so if we get one here it will look something like this. Also notice the cypher pattern. (as you can see if you tried to trade based off S&R you would get rekd.)
It reminds me of a story between an analyst and a trader: The analyst, here look at this chart, the price will go like this, it will hold here and then go like this. Trader: How do you know? Analyst: It is clear, here look, price moves according to my model in the past, it will repeat. Trader: So, price should hold here? Analyst: Yes, I'm sure. Trader: Picks up the phone, sell 100000 shares on XYZ. Price drops true the line of the chart. Trader: What tells your chart now?